Financial Director Job Description

Financial Director

The financial director is responsible for receiving and depositing all chapter funds, in the name of the chapter, in a bank or trust company selected and approved by the board of directors. He or she prepares the chapter’s budget maintaining proper financial controls, makes regular financial reports to the board of directors, and renders an annual financial statement to the chapter membership. He or she shall perform all other duties incident to office.

Preparation Needed for Effective Service

• It is mandated that this individual attend financial training as offered by the ASID director of finance and administration prior to taking office.

• Reviews and refers to ASID Financial Director’s Manual.

• Receives briefing on chapter systems from previous financial director and chapter administrator.

Planning

• It is recommended the financial director serve on the chapter strategic planning committee.

• This individual that serves on the chapter workplan team and works with the president-elect to develop the budget for the following term, based on funding needs identified in the strategic plan. The budget is to be approved by the chapter’s board before the close of the current term.

Activities

• Serves as a voting member of the chapter board of directors.

• Supports the mission, policies and programs of the Society and chapter as adopted by the Society and chapter boards of directors.

• Ensures that all chapter communications are conducted in accordance with the ASID brand identity and standards.

• Receives and deposits all chapter funds in the name of the chapter, in a bank approved by the chapter board of directors. The chapter administrator may carry out this function.

• Makes authorized disbursements by check after proper approval by the president or chapter board of directors.

• Oversees all of the chapter’s checking, savings and investment accounts. Only the board of directors can open and close bank accounts.

• Serves as signatory on accounts.

• Is responsible for payment of all documented committee expenditures.

Reporting

• Provides the chapter board with a monthly written report on the chapter’s income and expenses, bank balances and financial well-being.

• Prepares an annual financial statement for chapter membership.

• Keeps close communication with other officers, especially the chapter president, as to the financial status of the chapter.

• Prepares or reviews the quarterly chapter financial report, which is required by the Society’s guidelines to be submitted to the Society’s director of finance and administration. This must be received by headquarters before release of the check for the chapter’s membership dues allocation. Allocations are paid four times per year, after each quarter.

• Responsible for arranging the preparation and submittal of all tax returns (Forms 990, 990T and any state returns). Chapters are required to use a paid tax professional for returns.